want to ask you about the so-called fiscal cliff which would have spoken to a number of times and a lot of americans i think get a sense of the then when you line up the matters that we have got to confront and literally just a number of months, the question of tax cuts, the automatic spending cuts that are put into place by last year's budget control act, the payroll tax cut x. worry -- expiration and a whole host of other challenges. can you assess and if you can assess it, we want to hear your assessment, the impact on the economy just on one of those items and specifically if the tax cuts for middle income folks were to expire. just that particular question if you can make an assessment of that. >> well, the potential expiration, i am not sure i can break it down to the different components but the potential expiration of so-called bush tax cuts in 2001 and 2003 tax cuts, being that it is items in the fiscal cliff, and would have i think if everything else held constant, would have an adverse effect on spending and growth in the economy. it would be significant. now in saying that,